Condo homeowners insurance

I think your legal fees will far outweigh any savings on insurance.  There may not be any savings;  you'd have to get one policy for yourself, as a unit owner, and you'd have to pay half of the premium for the policy on the structure and grounds that the new condominium association would need.

To set up the condominium, you'd need to create and file a master deed and unit deeds, you'd need condominium association by-laws, and more, possibly including some local or parish approvals.  Condominium documents are not for the faint of heart, even among attorneys, most of whom won't touch that kind of work if they don't already know how.